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CPCU 500 - MANAGING EVOLVING RISKS, 1ST EDITION QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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CPCU 500 - MANAGING EVOLVING RISKS, 1ST EDITION QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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CPCU 500 - MANAGING EVOLVINGRISKS, 1ST EDITION QUESTIONS AND
ANSWERS WITH SOLUTIONS 2024
What was risk traditionally considered? How is it considered now? - ANSWER -traditionally considered a
hazard posed to an individual or organization
-today, known for its potential positive consequences - taking risks is necessary for growth
enterprise risk management (ERM) - ANSWER -holistic risk management strategies
-enhanced tools with which risk managers and other decision makers minimize threats and exploit
opportunities
What 2 ideas underlie nearly every important risk management concept? - ANSWER 1. intersection of
different types of risk
2. method for identifying, assessing, and treating all risks
root cause analysis (RCA) - ANSWER identifies a loss's predominant cause
-inherent weakness: can only look backward
-might not identify all root causes and the related events that contribute to a loss and can be performed
only periodically
What fuels the big data revolution? - ANSWER capture, storage, and analysis of data
Flowchart - How big data has transformed the risk management environment - ANSWER 1. Data capture
- Internet of Things Sensors
2. Data Storage (Cloud Storage)
3. Data Analytics (Artificial intelligence machine learning)
4. Traditional risk management decisions enhanced through insights derived from big data
Data Capture - ANSWER enabled primarily by smart products that sense their environment, process data,
and communicate with other smart products and smart operations through the Internet of Things (IoT)
, -these interactions generate the data to which advanced analytics can be applied
Data Storage - ANSWER stored data used for risk management analysis
The decision-making value of data produced by smart products, the IoT, and other data-capturing
technology can be undermined by _________ - more and faster is not necessarily better. - ANSWER
volume, velocity, and veracity
database - ANSWER -blockchain's roots like in database technology
-collection of structured information stored in discrete units for ease of retrieval, manipulation,
combination, or other basic applications - a virtual filing cabinet organized like a spreadshet
What is blockchain's primary purpose and how is it used otherwise? - ANSWER -primary purpose: store
information
-distributed database that serves as a collectively shared ledger
ledger - ANSWER -physical or digital
-document in which transactions are recorded
-common denominator is that all ledgers track the chronology of a particular value's change over time -
the results of each recorded transaction
-accurate, comprehensive, and independently verifiable
If the value being tracked in a ledger is connected to something tangible - cash or inventory- how could it
be verified? - ANSWER -verified independently of the ledger by manually counting inventory
How is virtual currency (cryptocurrency, Bitcoin) tracked and how are people prevented from spending
the same virtual coin in more than one transaction (double-spending problem)? - ANSWER -create the
system of verification and confirmation that makes the blockchain a reliable ledger and database
-blockchain: distributed database and decentralized ledger that maintains a continuously growing list of
records, called blocks, in chronological order; each time a new transaction occurs, a new block is created
mining - ANSWER new blocks and the data within are confirmed through a consensus process called
mining
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